15 Year-Fixed Mortgage
A 15-year mortgage is fully amortized over 15 years with constant monthly payments. It offers the advantages of the 30-year loan plus a lower interest rate, and you own your home twice as fast. The trade-off is a higher monthly payment. Some borrowers instead choose a 30-year loan and voluntarily pay extra to finish in about 15 years.
A 15-year mortgage suits buyers with stable income, minimal debt, and room for a higher payment. It is appealing for building equity quickly and saving on interest. Weigh your goals and lifestyle before choosing between 15 and 30 years.
15 Year-Fixed Mortgage Characteristics
Interest rate stays the same for the entire term
Higher monthly payments than a 30-year because the term is half as long
Faster equity build-up as more of each payment goes to principal
Significant interest savings over the life of the loan
Home owned outright in 15 years instead of 30
Often chosen by buyers with higher or more stable incomes
Frees up long-term financial flexibility once the mortgage is gone
Higher monthly cost can make qualifying or other goals harder
5) Conventional loans offer options for fixed or adjustable interest rates
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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